Social Security and the mortality gap
Financial columnist Sandra Block (2008) discusses the pitfalls of filing for early benefits from Social Security, an issue facing many of the Baby Boomers (who are now 44-62). Block examines two different mortality differences: the gap between men and women (see 9/28/06), and the gap between unmarried and married men (see 1/10/07)). Both of these differences, Block argues, make it a better idea for married men to delay filing for benefits: married men will live longer, and may be more concerned about leaving their wives a higher survivor benefit.
Block cites the American Academy of Actuaries (AAA) for the disturbing figure that 42% of elderly women depend on Social Security for 90% of their income, but only 28% of men are this dependent on it. The same source notes that 20% of single women over 65 live in poverty, compared to 5% of married couples. The AAA's June report on Women and Social Security" (2007, pdf) points out that while Social Security is calculated on a gender-neutral basis, it's calculated off lifetime earnings, which culturally do not tend to be gender-neutral.
You know, I don't think I've
ever expected to collect on Social Security. I was sort of raised on the rhetoric that it was going to run out before I was eligible. Until recently, I hadn't even considered the possibility that I'd live to see retirement. I figured I'd work until I died. That's not looking as inevitable as it once did, but the idea that I might outlive my retirement savings terrifies me. *scuttles off to increase 401K contributions*
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